en.Wedoany.com Reported - On April 10, 2026, Pioneer Mining Corp. (CSE: UUU), headquartered in Vancouver, British Columbia, Canada, announced that it has entered into a share exchange agreement with Quark Uranium Ltd., a company incorporated under the laws of British Columbia, and its shareholders, proposing to acquire all of the issued and outstanding common shares of Quark Uranium. The implied total value of the transaction is approximately C$1.4 million, with consideration consisting of the issuance of 8 million common shares of Pioneer Mining (deemed price US$0.15 per share) and a cash payment of C$200,000. Upon completion of the transaction, Quark Uranium will become a wholly-owned subsidiary of Pioneer Mining.
Under the terms of the agreement, Pioneer Mining will issue a total of 8 million consideration shares to Quark Uranium shareholders on a pro-rata basis, which will be subject to a statutory hold period of four months and one day from the date of issuance. Additionally, the Company will pay C$200,000 in cash as directed by the shareholders. The proposed transaction is an arm's length transaction and does not involve any finder's fees. Completion of the transaction remains subject to a number of customary closing conditions, including approval from the Canadian Securities Exchange (CSE), satisfactory completion of due diligence by the parties, accuracy of representations and warranties, and fulfillment of all covenants and obligations under the definitive agreement. There can be no assurance that the transaction will be completed on the terms described or at all.
Quark Uranium's principal assets are located in the western Athabasca Basin, Saskatchewan, Canada, and consist of 8 mineral claims covering a total area of approximately 28,746 hectares (approximately 71,030 acres). This region is a world-leading uranium-producing district, historically accounting for a significant portion of global uranium production. Quark Uranium's claims are adjacent to projects operated by several established uranium exploration and mining companies, including Orano Canada and Fission Uranium Corp. It should be noted that these assets are currently at an early exploration stage, contain no known mineral resources or mineral reserves, and mineralization on adjacent properties is not indicative of mineralization on Quark Uranium's claims.
Pioneer Mining Corp. is a Canadian mineral exploration company focused on discovering and developing high-value strategic minerals and is currently advancing uranium exploration projects in the United States and Paraguay. David C. Greenway, President and CEO of the Company, stated that Quark Uranium's claims in the western Athabasca Basin are a strategic addition to Pioneer Mining's existing uranium asset portfolio. As global demand for nuclear power as a reliable clean energy source continues to grow, this acquisition will provide the company exposure to one of the world's premier uranium districts. If successfully completed, this transaction will expand Pioneer Mining's exploration land holdings in Saskatchewan, but the transaction remains subject to regulatory approval and is uncertain.
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